However, despite the latest depressing economic numbers, there is still yet hope for the sometimes precious, sometimes industrial metal. According to some economists, the Durable Goods report actually showed positive industrial demand numbers as well, as the AP reports: “Business spending for machinery and equipment edged up 0.6 percent, following a 4.6 percent surge in May. And positive earnings reports could lead to further gains in net income, an encouraging sign for growth in the rest of the year.”"Overall, we have no doubt this data will play badly in the markets, but it isn't actually that terrible," AP quoted senior U.S. economist with Capital Economics, Paul Ashworth. "The bottom line is that it shows business investment had a very strong second quarter and, although the recovery in manufacturing may be losing a little momentum, it is hardly collapsing." For now, silver investors can expect prices to continue moving lower or at least consolidating in the low $17 range, especially as the summer doldrums continue. Some otherwise bullish analysts, like silver-investor.com founder David Morgan, even see silver falling below $17 an ounce in August as deflation concerns strengthen. But, the silver buff expects prices to rebound in September as the traditional precious metals buying season begins in many parts of the world. Morgan is adamant silver will climb up to reach $20 an ounce by year end.
SCAM ALERT I want my readers to take seriously the responsibility of practicing due diligence in all their investments because there are many a grifter out there hawking BS at a hefty price to their unwitting victims. Here is a prime example brought to my attention from a recent article posted by Dr. Jeffrey Lewis, editor of Silver-Coin-Investor.com.
Dr. Lewis is warning silver coin buyers to be wary of a new internet scam involving Chinese counterfeit rounds only worth a few bucks that are now being sold on Ebay for $20 a piece. His article provides excellent tips for avoiding such scams. Click here to read the article.Original article on Silver Investing News